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The Real Deal NYC

Why rich Brazilians are scooping up property in Portugal

Brazilian multimillionaire Ricardo Bellino lived more than 10 years in Miami before relocating to Portugal, which has emerged as a haven for affluent Brazilians. Bellino, 53, who bought a home near Lisbon, will gain from a flat income-tax rate of 20 percent in Portugal, where he also may be eligible for a tax-free pension after he retires. He told Bloomberg his relocation to Portugal from Miami enabled him to reside in “a tax haven that […]

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Chicago activist lambasted greedy developers for years. What happens now that he’s in charge?

About three dozen Chicago real estate bigwigs and other business leaders gathered at the Soho House in Fulton Market last month to talk about the political vise that seemed to be closing in around them. Already high property taxes had nowhere to go but up, affordable housing requirements were tightening landlords’ profit margins, and the sudden changes at City Hall didn’t bode well for either issue. Then Byron Sigcho-Lopez walked into the member’s-only club and […]

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Former home of hitman, Capone associate “Machine Gun” McGurn hits market

The one-time home of notorious Chicago mobster “Machine Gun” Jack McGurn, an alleged mastermind of the 1929 St. Valentine’s Day Massacre, is on the market in Oak Park. McGurn lived in the bungalow at 1224 Kenilworth Avenue with his wife, Louise Rolfe, who famously was his “Blonde Alibi” for the day of the massacre, which left seven of Al Capone’s rivals dead, according to Chicago Magazine. McGurn was known as ruthless hitman and Capone confidante, […]

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Maryland pension cuts REITs out of portfolio

Managers of the $52.7-billion fund announced last year that they would review its strategy regarding allocations to two REITs totaling $785.8 million, IPE Real Assets reported. The system has $4.1 billion in real estate. Consultant firm Meketa Investment Group said tapping REITs was more helpful when real estate allocations were growing. But that the pension system is now “approaching the 10-percent long-term target allocation and can invest primarily in core and non-core real estate.” The […]

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This Bel Air megamansion is on the market — for $1.5M a month

Amid a widespread decline in Los Angeles’ high-end residential housing market, a celebrity surgeon-turned-spec developer is ready to sell his massive Bel Air mansion project at a big price cut. Raj Kanodia told CNBC that he will consider offers starting at just over $120 million on his 34,000-square-foot glass-box style home. Kanodia listed the property a year ago for $180 million. He’s also willing to rent it out for $1.5 million a month. “In Las […]

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Gwyneth Paltrow’s got some real estate advice: Buy a village in Spain for less than a NYC condo

Entire villages are hitting the market in Spain and actress-turned-wellness guru Gwyneth Paltrow wants you to buy one. Prices vary, but some can be had for much less than typical asking prices for homes in the United States. They can be bought through the website Aldeas Abandonadas (Abandoned Villages), which lists old towns and resort villages for sale in the country. One village near Lugo is listed for $190,000, according to House Beautiful. The village-buying […]

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Erasing history? Frank Lloyd Wright-designed home staring down demolition

A suburban cottage designed by Frank Lloyd Wright may be nearing a date with the wrecking ball. Weeks after the Sherman Booth Cottage sold to an unknown buyer for $555,000, its new owner filed demolition plans with the village of Glencoe, according to the Chicago Tribune. Its previous owner, the estate of Meyer and Doris Rudoff, had sought more than $1 million when it brought the 106-year-old wood frame cottage to market in late 2017. […]

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Hyatt is doubling down on boutique “lifestyle hotels”

The days of one-brand hotel chains are fast disappearing, as the hospitality conglomerates double down on lifestyle and boutique brands. Hyatt has launched a “lifestyle division” that will oversee boutique brands including Andaz, Alila, Hyatt Centric, Joie de Vivre Hotels, Thompson Hotels and tommie, according to Skrift. It follows Hyatt’s $480 million acquisition of boutique Two Road Hospitality in December, which consisted of 85 properties in eight countries. Hyatt said in a statement that Frederic […]

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An inside look at the Hamptons’ new hotspots this summer

When weekenders descend on the Hamptons at the end of May, they will no doubt notice lots of new additions to the landscape of restaurants, hotels and retail. But for the real estate world, there’s a lot brewing behind the scenes that suggests the market is not in great shape. Some pockets are seeing a wave of commercial activity, like Montauk — the favorite party spot of Instagram influencers, with a number of new pop-up […]

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Delshah’s distressed debt strategy hits a road bump as court dismisses two foreclosure suits

You win some, you lose some. Michael Shah’s Delshah Capital, which made a series of distressed-debt plays in the summer of 2017, saw two of them fall through this week when the New York County Supreme Court dismissed a pair of foreclosure lawsuits against Jack Terzi’s JTRE Holdings. Delshah acquired mortgage notes on two JTRE retail condos, at 31 East 28th Street and 27 West 72nd Street in Manhattan, at face value for a total […]

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